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4 reasons to go international

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Discover 4 key steps for taking your business international—from assessing your readiness to selecting the right market and executing a successful entry strategy. Find out which questions you should be asking and which actions you should be taking.

Veröffentlicht in: Business
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4 reasons to go international

  1. 1. M A D E IN C A N A D A R O B B IE ’S R O B O P A R T S P R O D U K T A U S D E U T S C H L A N D P R O D U K T A U S D E U T S C H L A N D P R O D U K T A U S D E U T S C H L A N D P R O D U K T A U S D E U T S C H L A N D P R O D U K T A U S D E U T S C H L A N D R O B B IE ’S R O B O P A R T S M A D E IN C A N A D A N E W ! R O B O J E T P A C K S M A D E IN C A N A D A M A R K T For more advice, go to bdc.ca/export bdc.ca BDC@bdc_ca BDC Select your markets Concentrate resources on your most promising markets Questions →→ Which markets are best suited to your products and company? →→ What will be your competitive advantage? →→ How will you overcome linguistic, cultural and regulatory challenges? →→ Can you find suitable partners? Actions →→ Avoid making snap decisions on markets based only on trade show interest or web sales →→ Analyze different markets objectively to find the best match with your products and internal capabilities →→ Research multiple factors, such as GDP growth, competitive landscape, business risks, etc. 1 Ready or not, global competition is coming 2 Canada is a relatively small market 3 Made-in-Canada brand has strong international appeal 4 Research shows exports boost sales and profits Assess your readiness Don’t underestimate the challenges Questions →→ What will you bring to a foreign market? →→ Do you have the necessary resources, people and production capacity? →→ What kind of partners will you need? →→ Do you have the financial resources to see the project through? →→ Are you patient and adaptable enough to build trust with foreign partners? →→ Where can you find help? Actions →→ Ensure you fully understand the complexities and risks of expanding into foreign markets →→ Evaluate your company’s current performance based on objective measures →→ Identify your strengths and capabilities to maximize your expansion potential Plan an entry strategy Get to know your market inside out Questions →→ Is there a gap in the market you can exploit? →→ Do you need to customize your product? →→ What will be your pricing strategy? →→ Will you distribute through local partners or form a joint venture? →→ What is your strategy for meeting regulatory requirements? Actions →→ Conduct primary research by calling potential clients, distributors, sales agents, etc. →→ Investigate competitors’ strengths and weaknesses →→ Analyze the market, identifying areas of customer dissatisfaction →→ Determine the most appropriate market entry strategy based on your findings →→ Identify potential partners Implement your plan Build long-term relationships and be patient Questions →→ Why would a foreign partner want to work with you? →→ What questions will potential partners ask you? →→ Do you fully understand the local culture? →→ Do you need a translator? →→ Who can accompany you to the country and advise you on your project? →→ How will you manage your project over the long term? →→ Who will be in charge? Actions →→ Travel to the country to meet potential partners →→ Negotiate favourable terms by showing your added value →→ Follow up with regular trips to the country →→ Allocate resources for two years to ensure you’re well-rooted in the market →→ Plan for the ongoing management of your project over the long term Steps to international success reasons to go international